A strong revenue cycle is crucial for the financial health and sustainability of healthcare organizations. Here's why it's so important
The financial backbone of healthcare refers to the systems and processes that support the financial operations of healthcare organizations, ensuring their stability, sustainability, and ability to deliver quality care. Several key components contribute to this financial backbone:
Revenue Cycle Management (RCM): RCM encompasses the processes used by healthcare providers to manage the financial aspects of patient care from appointment scheduling to claims processing and payment collection. It includes tasks such as patient registration, insurance verification, coding, billing, and collections. Effective RCM ensures timely.